Commerce minister outlines China's opening-up strategy for next five years

Chinese Minister of Commerce Wang Wentao said on Friday that China will actively expand opening up over the next five years during a press conference on the guiding principles from the fourth plenary session of the 20th Central Committee of the Communist Party of China in Beijing.

Wang said China should proactively align with international high-standard economic and trade rules and expand market access and the scope of opening up, with a focus on the service sector.

China will accelerate regional and bilateral trade and investment agreements and expand the network of high-standard free trade zones, Wang added.

The Chinese commerce minister also said China will promote the innovative development of trade by encouraging market diversification in goods trade, improving the management system for negative lists in cross-border service trade, and expanding opening up in digital trade in an orderly manner.

Wang also stressed efforts to expand bilateral investment cooperation.

He added that effective implementation of foreign investment management will be pursued, along with improvements to the comprehensive overseas service system and guidance for the rational and orderly cross-border arrangement of production and supply chains.

Regarding high-quality Belt and Road cooperation, Wang said China will strengthen alignment with the strategic plans of participating countries, promote key landmark projects and "small and beautiful" livelihood projects, deepen practical cooperation in trade, investment, industry and culture, and expand cooperation in areas such as green development, digital technologies and artificial intelligence.